This report, updating Wildcat's work at Iskwasum and Reed Lake comes from the MD&A for the nine months ending September 30, 2008 (on SEDAR). (Ni = nickel, Pt = Platium, Pd = palladium, Zn = zinc, Pb = lead, Cu = copper, Au = gold, Ag = silver).

The Reed Lake and Iskwasum properties are comprised, respectively, of 32 claims covering 6,156 hectares (expanded area in Nov 2007) located along the entire west side of Reed Lake and 13 claims covering 2,600 hectares approximately 9 km west of Reed Lake at Iskwasum Lake.

Reed Lake Property

As a result of geological traverses in the summer of 2007 the Company believes that the Reed Lake property is underlain by three distinct geological environments arranged from south to north as follows:

A) [South] a layered mafic ultramafic intrusive complex prospective for copper, nickel, and PGE;

B) [Middle] a more massive mafic ultramafic rock suite, with outcrops characterized by abundant malachite (copper carbonate) staining and

C) [North] felsic to intermediate volcanic rocks that are prospective for hosting copper zinc volcanogenic massive sulphide zones prevalent in the district.

A. The first environment [South], the Reed Lake intrusion, is a differentiated, layered intrusion of tholeiitic composition. Mafic rocks dominate the stratigraphic sequence and are interlayered with ultramafic rocks in the lower portion of the intrusion. The layers trend south and dip subvertically to steeply east. The intrusion faces west and is bound to the west and east by major shear zones.

Anomalous PGE (and locally gold) concentrations cluster along a north-south trend associated with layered ultramafic rocks of the central to lower portion of the Reed Lake intrusion. Pt + Pd concentrations range from 50 ppb to 273 ppb in this zone.

B. North of the layered portion of the Reed Lake intrusion occurs the second distinct environment [Middle], a poorly differentiated and layered mafic magmatic complex that may be a separate intrusion and/or a precursor or feeder to the Reed Lake layered intrusion. These rocks are characterized by significant alteration, evidence of copper-bearing mineralization and anomalously elevated PGE and gold concentrations.

C. The third environment [North], in the northern third of the property, was the subject of a helicopter-borne EM and Mag survey which highlighted two conductive northeast-trending elongated zones, each characterized by varying conductive and magnetic properties. Both zones dip westerly at their northern end, switching to an easterly dip in their southern portion. The survey results, together with recent discovery successes on properties adjoining the western claim boundary (Cream Minerals Ltd.: 20.93 m of 1.3% Ni; 2.27% Cu; July 19, 2007) and the northern claim boundary (Rockcliff Resources Inc.: 5.49 metres: 2.14% Cu; 2.08% Zn; December 19, 2007), indicate the potential for a trend of base metal mineralization across the northeast quadrant of the Company's property.

A. [South] - In 2008, detailed IP work designed to locate sulphide-bearing layers in the [Southern] layered intrusion returned highly encouraging results in the form of at least thirteen geophysical targets. These targets were rated by the geophysical contractor from “strong” to “very strong” and in one case “extremely strong”. All anomalies merit scrutiny and geophysical and geological follow up to see whether they are generated by sulphides that potentially collected PGE, which are the exploration target in this part of the Reed Lake property.

Further work consisting of an intense scrutiny of all outcrops will be undertaken. This part of the property evaluation will be complemented with further detailed IP surveys to clarify the depth and configuration of the source of these anomalies.

A biogeochemical survey using the ubiquitous spruce trees is also being considered for winter 2008. Biogeochemistry using spruce trees as media in the search of PGE has a successful history in Canada and, in the case of the transect, it could overcome the difficulty in evaluating areas covered by swamps.

C. [North] - The Company’s geophysical consultant reviewed the results of the EM and Mag survey of the claims in the northern area of the property. The data was analyzed for geophysical anomalies that potentially indicate the occurrence of sulphide concentrations and a report was received by Wildcat in September. This report provided valuable information for the field crew that investigated the northern portions of the property during August.

Rocks underlying the northern Reed Lake area are heterogenous and comprise gabbros, mafic, intermediate, and felsic volcanic rocks. A zone characterized by a magnetic high, striking northeast from the “Wine” deposits of Cream Minerals Ltd. (on the western side of WEL's property), was found to be underlain by largely gabbroic rocks. This location was highlighted by the geophysical survey and consists of largely gabbroic rocks containing disseminated sulphides. It is also characterized by the results of a historic humus sampling survey that indicated anomalous Ni and Cu concentrations striking from the neighbouring property of Cream Minerals to Wildcat’s property. In addition, there is a potential for Cu/Zn mineralization in the form of VMS deposits similar to the “Rail” deposit located immediately north of the Wildcat’s Reed Lake claims. A study of exploration records indicated the existence of an historic drillhole intersecting substantial Cu/Zn concentrations in close proximity. The discovery of a mineralized shear zone in altered volcanic rocks in the northeastern part of Reed Lake north, containing 1.58% Cu, 0.86 g/ton Au and 5.5 g/ton Ag, is an additional encouragement to vigorously continue with the exploration of the Reed Lake North area. The next planned step in the exploration of the Reed Lake North area consists of linecutting followed by ground geophysical surveys to pinpoint drilling targets.

Iskwasum Lake Property

Commissioning of a deep penetrating VTEM airborne geophysical survey is contemplated for this property. The purpose of this survey is to identify deeply seeded mineralization in a property that has been thoroughly investigated for shallow mineralization.